Since Obama released the first draft of his economic stimulus plan last week many progressive-leaning figures among pundits, congress people and economists have pointed out that much bigger investments need to be made in infrastructure and the proposed tax cuts must be smaller or done away with.

Ted Frank (American Enterprise Institute) has created this spreadhseet you can modify to calculate your tax bill under a President McCain or a President Obama. Ted blogs that an average mid-level BigLaw associate would pay $15.048 of additional tax each year under a President Obama than under a President McCain:

According to The American Housing Rescue and Foreclosure Prevention Act of 2008, passed by Congress in July, first time home buyers who purchase homes between April 8th 2008 and July 1st 2009 are eligible for a tax credit. They can get $7,500 tax credit or up to 10% of the value of the home for home purchases under $75,000.

The Internal Revenue Service announced that purchasers of American Honda Motor Company, Inc., qualified vehicles may continue to claim the Alternative Motor Vehicle Credit.

The Internal Revenue Service announced that purchasers of qualified General Motors Corp. hybrid vehicles may continue to claim the Alternative Motor Vehicle Credit.

The Internal Revenue Service announced that purchasers of qualified Nissan North America Inc. vehicles may continue to claim the Alternative Motor Vehicle Credit. The announcement comes after the IRS concluded its quarterly review of the number of hybrid vehicles sold.